Wall St. 'wants to have its cake and eat it too'

As long as Friday's jobs number doesn't have a big miss to the downside, investors are likely to see it as a positive, says Fernandez.

She's advising clients to begin trimming exposure to the hot tech stocks that have propelled markets to record highs, and begin nibbling on so-called value stocks in anticipation of the Fed's expected change to an unprecedented bond-buying program that has supported the economy through the health crisis.

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